i want to thank chairman garrett and ricky member waters and other members of the subcommittee for allowing me the opportunity to testify here. although they share hoping in different ways to crack effective regulation that reduces hedging costs and increases the productivity of the economy. i submit a neighbor testimony was hit or miss. i used his remarks to basically describe two broad categories, one that i think this is the mark that will be in effect without reducing costs for nonfinancial companies and potentially have some dangerous side effects in another broad category of factions that has a track record of helping to reduce costs for companies, which are able to hit. in the public discussion, title vii and the otc swaps market, i see a very broad misunderstanding of how come these can avoid the cost of hedging. many people imagine you can avoid those costs if you can avoid margins. a lot of congressional action has been targeted to find ways not marching swaps that would lower costs. i'm what people think you can get a free lunch in an area like this. all non-marching swaps intel